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Learn More About the Reset Loan

If you're paying high interest rates on your education loans, the Reset Loan might be right for you. This competitive student loan refinance program features fixed interest rates with multiple repayment options and an interest rate reduction benefit.

Compare financial information on all Reset Loan options (PDF).

Ready to apply? You can start your application now or complete the pre-qualification steps to see which of our low competitive rates you could receive.

Eligibility and Underwriting Criteria

The Reset Loan is for creditworthy borrowers (those who meet the underwriting and credit criteria). Applicants who do not meet the underwriting and credit criteria on their own may apply with one or more creditworthy cosigners.

Borrowers and cosigners cannot have defaulted on any private or government student loan. In addition, borrowers and cosigners must be citizens or permanent residents of the United States. Cosigners must reside in the United States. Military addresses are considered U.S. addresses if designated as an APO or FPO.

To qualify for the Reset Loan, you or your cosigners must:

  • Have monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit) that do not exceed 40% of gross monthly income (if a mortgage or rent is not included, debt-to-income ratio cannot exceed 25%). All student loan debt will be treated as though it is in repayment.
  • Have a FICO score of at least 690. (The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.)
  • Have no more than two accounts reporting 30-day delinquencies during the previous two years.
  • Have no delinquencies of 60 days or more during the previous two years.
  • Have no charge-offs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
  • Have no previous bankruptcies.

Please note that the list of criteria above may not be exhaustive. Iowa Student Loan may require you or your cosigners to meet additional criteria in order to qualify for a loan. Iowa Student Loan reserves the right to change the list of criteria in any way from time to time.

Eligible Loans

Borrowers may refinance the following loan types into the Reset Loan:

  • Federal loans (William D. Ford Federal Direct Loan, Federal Family Education Loan and Federal Perkins Loan programs) including:
    • Undergraduate and graduate subsidized and unsubsidized student loans
    • PLUS Loans taken out by parents or graduate/professional students
  • Private education loans
  • Previously refinanced or consolidated education loans

Consumer loans, such as those used to attend coding bootcamps or other specialized training, are not eligible to be refinanced in a Reset Loan.

Loan Limits

This loan must be:

  • No more than $300,000.
  • At least $5,000.

Repayment Benefits

The following features may be available to Reset Loan borrowers.

Interest Rate Reduction

Reset Loan borrowers can earn a 0.25% interest rate reduction1 when they sign up to have principal and interest payments automatically withdrawn from a checking or savings account using our auto-debit program.

Armed Forces Interest Reduction

Iowa Student Loan recognizes and appreciates the sacrifices made by members of the military and their families. To assist service members with their student loan, we offer the Iowa Student Loan Armed Forces Interest Reduction Program.

Death or Disability Policy

In the unfortunate event of a borrower's death or qualifying total and permanent disability, Iowa Student Loan will forgive the loan and not require cosigners or the borrower's estate to satisfy the loan obligation.

In addition, if a cosigner suffers a qualifying total and permanent disability, Iowa Student Loan will release the cosigner from his or her obligation. In the event of a cosigner's death or qualifying total and permanent disability, the borrower will not be required to find a new cosigner for an existing loan.

Please consult a tax professional or the IRS for information about possible tax consequences of loan forgiveness.

Customer Service

Customer service for your Reset Loan will be provided by Aspire Servicing Center, a wholly owned subsidiary of Iowa Student Loan.

1 The 0.25% interest rate reduction will apply to loans once payments begin to be automatically deducted. The reduction will remain in effect as long as automatic payments continue without interruption during the repayment period. The 0.25% interest rate reduction will not lower the monthly payment amount but will instead reduce the interest amount that accrues. The interest rate reduction will be suspended during approved assistance or if automatic payments are rejected due to insufficient funds.

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Subject to credit approval, loans are made by Iowa Student Loan or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan. Bank of Lake Mills is not affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. Loan servicing, including billing and other customer service, will be provided by Aspire Servicing Center.